Turkish lira firms despite USA warning of more sanctions

Turkey increases tariffs on some U.S. goods escalating feud

The US has threatened to levy more sanctions on Turkey if Ankara does not release an American Christian evangelical pastor held on terrorism charges.

USA stocks suffered their worst day in seven weeks after the move, and the lira gained 7 percent against the dollar.

The currency lost almost 40 percent against the dollar this year, driven by worries over President Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

"President Trump's imposition of tariffs on steel and aluminum is about protecting American national security", the spokesperson said. But she added: "Turkey's economic problems - those are a part of a long-term trend, something of its own making and not the result of any actions the United States has taken".

The US leader authorised the implementation of sharp tariffs on imports of aluminium and steel from Turkey last Friday.

Qatar, backed by Erdogan during the Saudi-led embargoes on the emirate in 2017, on Wednesday pledged to channel $15 billion direct investment into Turkey, a sign of burgeoning ties between the two countries.

United States ex-spymaster says Trump colluded with Russian Federation
President Donald Trump confers with Secretary of State Mike Pompeo, left, during a cabinet meeting on Thursday in the White House. The decision to strip Brennan of his clearance on Wednesday represents an unprecedented presidential intervention.

"We have put sanctions on several of their cabinet members", said Mnuchin.

However, the currency market's reaction to his conference call - in which he also said Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing overseas - was measured.

According to the Turkish presidential press office, Erdogan and al-Thani also exchanged views on bilateral relations and regional developments during their three-hour meeting. Two sources with knowledge told CNN that the move stemmed from Trump's frustration over Brunson's detention.

US Vice President Mike Pence also renewed his threats to Turkey on Wednesday, warning that he and Trump would "stand firm" until Brunson is released.

Erdogan has said Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the currency. On Tuesday, he said Turkey would boycott US electronic products.

In another high-profile case, a Turkish court freed Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.

Related News:



Most liked

Now MoviePass limits you to just six movie choices each day
The company is going to release a schedule each week so people can plan ahead and figure out what days each movie is available. In his August 16 email, Lowe warned customers that the availability of some movies might be limited, depending on popularity.

Aretha Franklin dies at 76
US President Donald Trump also paid tribute to Franklin as "a great woman, with a wonderful gift from God, her voice". Davis freshened Franklin's sound while retaining her deep gospel roots, and the result was a late-career run of hits.

'Queen of Soul' Aretha Franklin Dies at 76
Noticing his daughter's talent, her father began to manage her. 'My condolences to all her family and friends. Hudson, 36, Instagrammed video of herself listening to Franklin's cover of The Beatles' "Let It Be".

Watch Madonna's Full Met Gala Performance for Her 60th Birthday
Madonna is the best-selling female recording artist of all time with estimated sales of over 300 million. Of course, it wouldn't be Madonna without a little controversy.

Novak Djokovic beats Steve Johnson in the Cincinnati Masters first round
"I would have even Grand Slams best of three, to be honest", Djokovic said in an interview on the Tennis Channel . The Australian will next face Croatian Borna Coric, who beat Daniil Medvedev 6-2, 6-3.

London Firefighters Rescue Foul-Mouthed Parrot From Roof
The amusing exchange between Jessie and the firefighter was shared on Twitter by the London Fire Brigade's official account. Jessie the bird had been stuck on the roof for three days, with her owner and the RSPCA unable to bring it down.

Tottenham issues stadium update and apology
The London club had already agreed to face Fulham at Wembley in their first Premier League home game of the season. The opening of the new 62,000-seater arena in north London had been delayed until October.

U.S. threatens more Turkey sanctions if pastor not freed
Since January, the Turkish lira has lost more than 34% of its value against the dollar, pushing up the price of everyday items. Sanders said Brunson's release would not lead to an easing in the tariffs , but that it could lead to an easing in sanctions.

Aretha Franklin dies in Detroit, surrounded by family and friends
The music world has had a few days to brace for the loss of arguably the greatest singer of all time, Aretha Franklin. She later received two honorary doctorates of music, from Berklee College of Music and Yale University.

Dozens overdose in CT park as United States opioid crisis worsens
More than a dozen people overdosed on synthetic marijuana July 4 in New Haven, The Associated Press reported at the time. Emergency responders spent several hours today working to treat the victims and transport them to the hospital.

Social Distortion frontman accused of punching Trump supporter
But Hildebrand said the concert had turned political shortly before the attack. He says that he was left with two black eyes, a split lip and a concussion.

2018-2022 Expected To Be Abnormally Hot Years
Scientists say that " extreme warm events " will drive up both average ground and sea surface temperatures between 2018 and 2022 . This research was carried out before the July heatwave so it seems that scientists have already been proved right.

Google parent invests $375 million into Oscar
Oscar hopes to reduce costs for patients and improve clinical outcomes by using data in new, technologically advanced ways. Google's parent umbrella corporation, Alphabet, has never been shy about pronouncing its digital health ambitions.

Kasey Kahne Reveals 2018 will be his Last Full-Time Season
Sadler is 43 and now drives for JR Motorsports in the second-tier Xfinity Series. The team also took to Twitter to thank Kahne for his career in NASCAR.

Bridge lay at heart of Italian transport network
The government said it wanted to revoke the contract awarded to Autostrade and hit the company with a €150m fine. Please find below the Highways England statement in response to the tragic bridge collapse in Genoa , Italy .